Deutsche Börse Group has partnered with RegTek.Solutions to deliver a certified testing and pre-validation service for clients of Deutsche Börse’s Regulatory Reporting Hub.
Available in Q4 this year, the new platform will provide the quality and transparency of transaction reporting under the Markets in Financial Instruments Regulation (MiFIR), according to the RegTech.
The new pre-validation platform will be available to over 2,300 executing entities, which are using Deutsche Börse’s ARM (Approved Reporting Mechanism) service. It will add enhanced testing and data quality remediation capabilities, as well as pre-submission validations, for all transactions destined for any of the 25 National Competent Authorities (NCA) to which Deutsche Börse is connected.
It will support a range of validations including regulation-specific validations, repository acceptance criteria, messaging standards, enhanced quality validations and best practice. It will also enable firms to write and customise their own proprietary rules, avoiding a one-size-fits-all scenario.
Reporting quality is a significant challenge for clients complying with MiFIR transaction reporting. ARMs help by offering a range of regulatory, client-agnostic and market-standard validations,” said Brian Lynch, co-founder and CEO of RegTek.Solutions.
“Our new service offers a bespoke version of Validate.Trade to Deutsche Börse clients before the oversight of regulators. This allows clients to proactively test, monitor and prove the quality of their reporting before the process is completed.”
Founded in 2017, RegTek.Solutions claims to mutualise the cost and shoulders the burden of tracking and implementing critical regulatory reporting solutions. The company combines independent, market-validated actionable regulatory intelligence, with proven technologies to offer solutions to all financial institutions’ regulatory reporting challenges.
Earlier this year, RegTek.Solutions partnered with Optimity Advisors to bring data visualisation and exception-based analytics to the regulatory reporting space.
RegTek.Solutions’ actionable regulatory intelligence and compliance technology was combined with Optimity’s user experience. By partnering with the global consulting firm, clients now benefit from ‘unprecedented levels of transparency and regulatory oversight’ according to the RegTech.
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